The deadline for tax credit renewals is fast approaching.

This means you need to renew or review your tax credit entitlement ASAP or your payments could stop.

If you made a claim for tax credits last tax year (between 6th April 2011 and 5th April 2012) you should have received a renewal pack from HMRC.

If you're still waiting for yours you need to contact the tax credit helpline right away.

You must check the details carefully and contact the tax credit helpline if:

• Your pack contained an annual declaration - unless you've already returned this to HMRC

• Your circumstances have changed
• Information is missing or there are mistakes

You only have until 31st July to renew your tax credit entitlement or report any changes.

The longer you leave it the busier the Tax Credit Helpline gets so the sooner you start trying to get through the better!

Read our guide Tax Credit Renewal FAQs to find out more.

What else is happening?

Inflation fell to 2.4% in June, its lowest level since November 2009.

This is good news for you as a consumer because it means that the cost of everything from food and fuel to clothing is rising at its slowest level for over 2 and a half years.

A massive shake-up of the child maintenance system is on the cards.

Greater focus will be placed on helping families make their own arrangements and a new Child Maintenance Service will be set up to assist those that can't - parents that use it will be charged for the privilege and those that fail to make payments on time will face hefty penalties.

Private wheel clamping will be banned in England and Wales from the start of October.

Towing or immobilising a vehicle without the 'lawful authority' to do so will also be stopped. You will still need to be careful where you park as the police, local authorities, DVLA, VOSA and a number of other official organisations will still have the power to clamp or tow your car.

Upgrades to the energy network are going to hit you in the wallet as soon as next year according to Ofgem.

The industry regulator has confirmed details of a £22 billion plan to improve gas and electricity networks across the UK - this is expected to up household bills by £7 in 2013 and by a total of £15 by 2020. However, while this means you pay more now, ultimately the investment should be worth it.

The way banks treat their current account customers is under scrutiny once again.

The OFT have launched a review that will look at whether banks are doing enough to make switching easier, charges clearer and managing your account simpler.

If they're found wanting the OFT will get the Competition Commission involved and force them to change their ways.

Three mobile customers on 'fixed' contracts now pay 3.6% more for their calls, texts and data, even if they're tied into a deal.

This week saw the latest in a series of mid-contract price hikes by the big mobile networks - Orange, T-Mobile and Vodafone have all done the same in the past year.

Unfortunately it's legal and not a legitimate excuse for you to switch because of a clause they have written in their ts and cs.

However, consumer body Which? has now placed a formal complaint with Ofcom with the intention of getting this practice outlawed!